One good thing has come from the WTC disaster. It got me out of the market. I have been trading for about a year and a half and am down about 10 grand. I chalk it up to tuition and have no regrets. I wish there was some way to convince new traders how hard it is to make it but there's not. Like most other things in life, you have to learn the hard way. I quit a couple of times before but always got right back in. This time it is different. I really think I've learned the lesson. Oh I'll be getting back in. I want to trade more than anything else in this life, but this time when I get back in it will be different. The reason I knew I should not be in the market is that throughout this year and a half I have never had a consistent approach to the markets. I have tried most of the different styles but never long enough to learn the nuances. I knew I was being dumb but kept on anyhow. After the disaster I closed my account because I was worried about a financial collapse. I had intended to get back in again but in the meantime I started papertrading some things I want to try. A couple of weeks went by and I was still losing money on paper. I thought, I'll wait till I have a few days of profit on paper before I get back in. Didn't happen. I am still not profitable even on paper and it has finally made me realize how stupid it is to be risking money without having some sort of system that is at least profitable on paper. Some of you are probably laughing at someone who can't even make profit on paper but the reason is that I have a pretty realistic idea of how much slippage I can expect and when I factor that in, there's no edge. Not yet. I am confident I will find something that works but in the meantime, my moneys in the bank drawing interest instead of shrinking. This is a great board and I certainly empathize with a lot of you new traders. Maybe this post will help someone to pull out ant regroup like I did.
Lay out in detail your trading style/s entry and exit criteria... this will let members of the board contructively criticise it. Such a process of constructive criticism may prove not only educational for yourself, but for ALL Elitetrader members.